Derivatives market participants furious about a new EU clearinghouse rule lauded a US Commodity Futures Trading Commission proposal to codify its authority to halt relief issued to foreign firms.
“This was adding a tool to the tool chest they’ve had,” Christopher Edmonds, an Intercontinental Exchange senior vice president, told a House Agriculture subcommittee yesterday.
“That was a very, very strong, positive message,” said Terrence Duffy, head of the CME Group. Under the CFTC plan, he added, termination of relief “would make it very, very difficult for European brokers to deal with US clients.”
CFTC's foreign brokers plan draws raves from industry members enraged with EU
27 June 2019 9:44pm